PH pushes investment for Southeast Asia's first offshore wind project

Finance Secretary Frederick Go engaged executives of Copenhagen Infrastructure Partners (CIP) to accelerate the country’s development of the San Miguel Bay Offshore Wind Power Project in Camarines Sur.

In a press release Sunday, Go said that once completed, the project is expected to become the first offshore wind farm in the country and Southeast Asia, and will generate 901 megawatts of power.

“Offshore wind development is critical to strengthening our Page 1 of 3 long-term energy security and advancing our sustainability goals,” Go said.

“Today, global companies are actively seeking renewable energy to power their operations and meet sustainability commitments to their own customers—and the Philippines needs to be ready to meet that demand,” he added.

Go said the San Miguel Bay Offshore Wind Power Project will help provide cleaner and more reliable energy, create jobs, spur economic growth, and meet the growing power demand in the country.

The offshore wind power project will contribute to achieving the renewable energy targets under the 2023-2050 Philippine Energy Plan, according to Go.

The CIP is “a leading fund manager that specializes in greenfield renewable energy investments.” The Finance Secretary said that its investment in the Philippines is an indicator of growing investor confidence in the country.

“Its continued investment in the Philippines underscores growing investor confidence in the country's renewable energy sector and reinforces its position as an attractive destination for strategic green investments,” Go said.

In the press release, the CIP is said to have a global pipeline of offshore and onshore wind projects valued at approximately $5.5 billion. — Lyjah Tiffany Bonzo/BM, GMA News